Venezuela issues new banknotes to reduce inflation

Venezuela has issued new larger denomination bank notes in response to the country's soaring rate of inflation.

The three notes, ranging from 500 to 20 thousand-bolivars, have entered circulation with the aim of making transactions easier.
 
Inflation in Venezuela is forecast to reach one thousand 600 percent this year.
 
Until now, the 100-bolivar note has been the country's largest, worth just three US cents on the black market.

The new bills are aimed at making transactions easier for Venezuelans, who have had to carry huge book-size wads of cash to pay for basic items.

However the new 20 thousand-bolivar note is still worth less than six dollars on the black market, which Venezuelans frequently turn to if they are unable to purchase official-rate dollars.

SOURCE: BBC NEWS